President Trump’s attempt to fire Lisa Cook — a highly experienced economist and trailblazing Black woman — from the Federal Reserve Board of Governors is another example of his shameful abuse of executive power.
After criticizing and threatening Fed Chair Jerome Powell for months but taking no action, Trump has turned his partisan assault on Gov. Cook based on weak allegations. Gov. Cook deserves better. We deserve better.
Rather than take meaningful steps to stabilize our economy and ensure people in America can meet their basic needs, Trump has instead slashed the social safety net and is now attempting to paint the first Black woman to serve on the board as a villain. It is as cowardly as it is unconscionable. The hypocrisy is palpable given Trump’s criminal conviction on multiple fraud charges.
Gov. Cook’s esteemed career includes research focused on the impacts of racial terror on Black innovation. She has also published work exploring the grave consequences of gender and racial disparities across history and today. Her expertise, her voice, and her seat at the table of our central bank are critical, especially in this time of growing hardship for so many families.
We cannot allow Trump to once again fan the flames of racism and bigotry as a distraction from his own failings and his insatiable grab for power. Trump’s attack on Gov. Cook is groundless. It is another racist, hateful assault on a Black woman and the essential values of diversity, equity and inclusion. And it signals a dangerous threat to the independence of the Federal Reserve.
For decades, the agency has maintained its independence from Congress and the White House on the understanding that political interference could lead to short-term, politically favorable outcomes but long-term harm to our nation’s financial well-being. It is no surprise that Trump is disregarding this precedent. Indeed, it shows the lengths to which he prioritizes power over our collective prosperity.
These attacks on Gov. Cook and the Federal Reserve are part of a larger strategy targeting federal officials who refuse to be bullied by or bow down to the president. In recent weeks, the administration has forced distinguished attorneys out of the U.S. Department of Justice’s Civil Rights Division and fired respected federal prosecutors who presented criminal charges related to the Jan. 6 attack on the U.S. Capitol, all because they did their jobs.
The Southern Poverty Law Center will continue to fight for the rule of law and to preserve and strengthen our democracy. It cannot function without the checks and balances of independent agencies and the outstanding public servants like Gov. Cook who carry out their mission every day.
Bryan Fair is the interim president and CEO of the SPLC.
Image at top: Federal Reserve Board Gov. Lisa Cook is seen during her swearing-in ceremony in Washington on May 23, 2022. (Credit: Drew Angerer/Getty)